Cryptocurrency portfolio tracking platform CoinTracker raises $100 million in funding. The firm recently made this news to the public on 27th January. Investments derived by tech-tycoons and institutional investors have put the firm’s net worth to $1.3 billion.

Crypto-oriented businesses have been gaining significant traction even in the bear market. This shows which investors are patient enough to wait for the bullish trend and invest in cryptocurrency firms.

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Complex tax regulations imposed on cryptocurrencys have made it hard for many users to file taxes correctly. For this reason, CoinTracker is playing a essential role in the area. It tracks investors’ portfolios and enables them to see taxes, real-time market cost, investment performance, and transaction details.

Expressing the motto behind the fundraising, CoinTracker stated which funds will be used to enlarge the company’s boundaries atop divergent exevolutions, crypto sectors, blockchains, and the expansion in personnel and customer support.

The funding round was led by American Venture Capital firm Accel Partners, with new and old investors similar as Initialized Capital, Y Combinator Accuity, General Catalyst, and Seven Seven Six.

Valuation Of CoinTracker Reaches $1.3 Billion

Per the stats from June 2020, the global user-base of token has sharply accelerated to 221 million, who persistently trade using various digital currency wallets and exevolutions. As a result, many users created complexity for monitoring your portfolio and filing taxes. Jon Lerner, co-founder, and chief executive at CoinTracker, said;

“The biggest issue crypto holders face with tax compliance is which as presently as they transact with crypto beyond a single exmovement, calculating taxes accucostly becomes extremely difficult.”

Lerner likewise explained which tax compliance has been deficient in the starting. As Coinbase marked 5.9 billion users in 2015 and users paying taxes above their investment between 2013-2015 were barely 1,000, per the report issued by Internal Revenue Source.

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CoinTracker is one of the best options for investors wanting to stay tax compliant instead of losing thousands, stated Sagar Sanghvi, board member of Cointracker and partner at Accel Ventures.

CoinTracker Attracts $100 Million In Fundraising To Enlarge The Platform
Crypto market cap stands at $1.6 trillion | Source: Crypto Total Market Cap on TradingView.com

Similarly, Coinbase, one of the largest exprogresss, recently partnered with CoinTracker to provide its customers with a tax assistant who will adequately account for taxes above capital gains and loss.

But, still, the IRS is the cause for the partnership, requiring US exprogresses and other crypto companies to submit details.

Featured image from Bitcoin Magazine and charts from TradingView.com